Using Tesco to manufacture DDs...

ratechaser

Sorry if this one has been done to death already, but as I'm still new to the whole area of current account carpet bagging, can someone confirm the following strategy relating to creating the required DDs for multiple 'donor' accounts:

1) you open 2 tesco savings accounts
2) you create DDs from each of them to your chosen donor account. They can be for as little as £1/month
3) repeat step 2 for every new account you set up to act as a donor account, because you can have multiple DDs per tesco account linking to multiple donor accounts.

Is that pretty much it?

Cheers
RC

Ed-1

ratechaser wrote: »

Is that pretty much it?

Cheers
RC

Pretty much exactly.

Chaykin

I thought you can set-up two separate DD mandates to the same bank account from a single Tesco savings account?

flashg67

Can someone explain how you set up a DD - you need to be an organisation and need an originator number etc - OP sounds like a standing order rather than a DD?

Ed-1

Chaykin wrote: »

I thought you can set-up two separate DD mandates to the same bank account from a single Tesco savings account?

I've seen this mentioned on another thread. If you care to explain how?

Ed-1

flashg67 wrote: »

Can someone explain how you set up a DD - you need to be an organisation and need an originator number etc - OP sounds like a standing order rather than a DD?

Tesco Bank is an organisation. Many savings accounts with building societies pull funds in from a linked current account by setting up a direct debit. Tesco allows unlimited linked accounts and therefore direct debits.

ratechaser

flashg67 wrote: »

Can someone explain how you set up a DD - you need to be an organisation and need an originator number etc - OP sounds like a standing order rather than a DD?

I believe tesco is the exception here and they show as DDs. But I've not yet got the accounts set up to test this. Fully intending to have a couple of current accounts with them to to take advantage of the 6k I can have at 3%. So hopefully they won't see me as a time waster with a bunch of £1 DDs and nothing else!

Chaykin

Ed-1 wrote: »

I've seen this mentioned on another thread. If you care to explain how?

Log in to Tesco Bank -> click on "Manage Account" -> Move Money In -> Add New -> Simply add the same bank account details that you already have to set up another DD mandate.

grumbler

ratechaser wrote: »

1) you open 2 tesco savings accounts
2) you create DDs from each of them to your chosen donor account.

To each of them from your donor account.

Pedantic mode off.

YorkshireBoy

ratechaser wrote: »

So hopefully they won't see me as a time waster with a bunch of £1 DDs and nothing else!

At some point they'll pull the facility, which is, now FP is widely used, somewhat unnecessary these days (and must cost them?).

I'm doing my bit to try and prolong it by NOT using silly £1 DDs. You may feel the same? For example, they pull my £13 Lloyds interest (split £7 & £6) and £30 of my Santander interest (YBS pull the other £10). And when I use them for an incentive switch I set them to £25 or £50 and load up the donor account with appropriate funds to cover.

ratechaser

YorkshireBoy wrote: »

At some point they'll pull the facility, which is, now FP is widely used, somewhat unnecessary these days (and must cost them?).

I'm doing my bit to try and prolong it by NOT using silly £1 DDs. You may feel the same? For example, they pull my £13 Lloyds interest (split £7 & £6) and when I use them for an incentive switch I set them to £25 or £50 and load up the donor account with appropriate funds to cover.

To be honest I doubt I could bring myself to actually set up a DD for £1, so I'm sure it will be something a bit larger, with an equal flow in the opposite direction!